REG - Chrysalis Invs Ltd - Portfolio Update

Chrysalis InvestmentsAnnouncement

07/02/2023 16:30

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RNS Number : 2134P  Chrysalis Investments Limited  07 February 2023

The information contained in this announcement is restricted and is not for
publication, release or distribution in the United States of America, any
member state of the European Economic Area (other than to professional
investors in Belgium, Denmark, the Republic of Ireland, Luxembourg, the
Netherlands, Norway and Sweden), Canada, Australia, Japan or the Republic of
South Africa.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 which forms part of domestic law in the United Kingdom
pursuant to The European Union Withdrawal Act 2018, as amended by The Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

7 February 2023

 

 

Chrysalis Investments Limited ("Chrysalis" or the "Company")

 

Portfolio Update

 

 

 

The Company can today announce that, subject to usual closing conditions, it
has agreed to purchase £20 million of equity in Starling Bank ("Starling")
via a secondary market transaction led by an existing, third-party shareholder
in Starling.

The Company's Investment Adviser is optimistic about the prospects for
Starling and believes this transaction will generate future value for
Chrysalis shareholders.

On the 1 February 2023, the Company's Quarterly NAV Announcement detailed a
gross cash position as of 30 January 2023 of approximately £69 million and a
total liquidity position (including the listed position in Wise plc) of
approximately £81 million. Assuming the Starling transaction closes, the
Company's gross cash and total liquidity positions would both be reduced by
£20 million, and Starling would account for approximately 15% of the
portfolio including gross cash, versus approximately 12% as of 30 January
2023.

At the recent Capital Markets Day the Investment Adviser referred to a
potential follow-on commitment to fund the portfolio of approximately £20
million. For clarity, this secondary transaction did not form part of this
analysis.

If, following Completion, the Company's independent Valuation Committee
recommends that the Board apply the "price of recent investment" approach to
the Company's holding in Starling this would result in a modest uplift in the
Company's NAV per share compared with the 31 December 2022 calculation.

 

 

-ENDS-

 

 

 For further information, please contact

 Media

 Montfort Communications                         +44 (0) 7976 098 139

 Charlotte McMullen / Toto Reissland /           chrysalis@montfort.london

 Lesley Kezhu Wang

 Jupiter Asset Management:                       +44 (0) 20 3817 1696

 James Simpson

 Liberum:                                        +44 (0) 20 3100 2000

 Chris Clarke / Darren Vickers / Owen Matthews

 Numis:                                          +44 (0) 20 7260 1000

 Nathan Brown / Matt Goss

 Maitland Administration (Guernsey) Limited:     +44 (0) 1481 749364

 Elaine Smeja / Aimee Gontier

 

LEI: 213800F9SQ753JQHSW24

A copy of this announcement will be available on the Company's website at
https://www.chrysalisinvestments.co.uk
(https://www.chrysalisinvestments.co.uk)

The information contained in this announcement regarding the Company's
investments has been provided by the relevant underlying portfolio company and
has not been independently verified by the Company. The information contained
herein is unaudited.

This announcement is for information purposes only and is not an offer to
invest. All investments are subject to risk. Past performance is no guarantee
of future returns. Prospective investors are advised to seek expert legal,
financial, tax and other professional advice before making any investment
decision. The value of investments may fluctuate. Results achieved in the past
are no guarantee of future results. Neither the content of the Company's
website, nor the content on any website accessible from hyperlinks on its
website for any other website, is incorporated into, or forms part of, this
announcement nor, unless previously published by means of a recognised
information service, should any such content be relied upon in reaching a
decision as to whether or not to acquire, continue to hold, or dispose of,
securities in the Company.

 

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